AN ITP MEDIA GROUP PUBLICATION APRIL 2024 • VOL.1 • ISSUE 03 Dubai leads the way in blockchain and crypto innovation AHEAD OF THE CURVE fi nancemiddleeast.comApril 2024 | 3 EDITOR’S LETTER W elcome to the latest edition of Finance Middle East! In this issue, we delve into one of the most talked-about topics of the season—cryptocurrencies. Bitcoin has seen an explosive surge in 2024, soaring nearly 300% year-to-date. Against this backdrop, we explore the region’s stance on cryptocurrency adaptability. Our cover story features an exclusive interview with Dr Marwan Alzarouni, CEO of the Dubai Blockchain Center, shedding light on Dubai’s initiatives to harness the potential of both crypto and blockchain technologies. Our spotlight feature off ers insights into the UAE’s progressive approach to cryptocurrency regulations and highlights the key trends investors should watch over the next fi ve years. Furthermore, this edition includes an exclusive interview with HRH Prince Khaled bin Alwaleed bin Talal Al Saud, where he revealed KBW Ventures’ latest investments in fusion technology and DTC startups and discussed the need for increased VC funding for sustainability tech ventures. In addition to our focus on cryptocurrency, we look at how Gen Z’s values and tech fl uency is reshaping fi nance, focusing on sustainability and alternative investments. We present an analysis of how Gen Z is poised to disrupt the fi nancial landscape with their unique investment strategies. Finally, we are excited to announce the esteemed judging panel for our inaugural Finance Middle East Awards, scheduled to take place on May 15. With that, I’ll let you get to reading. Nivetha Dayanand Editorfi nancemiddleeast.com4 | April 2024 CONTENTS 16 10 20 30 CRACKDOWN ON CRYPTO CRIME The key to protecting crypto assets in a threatening environment THE UAE’S UNRIVALLED LEADERSHIP IN CRYPTO REGULATION The UAE leads the global crypto revolution with progressive regulation and innovation BLOCK BY BLOCK How Dubai is becoming the blockchain capital of the world SAUDI ARABIA LEADS DEEPTECH STARTUP REVOLUTION Saudi Arabia’s startup scene gains momentum, off ering diverse opportunities for entrepreneurs 10 20 16 30fi nancemiddleeast.comApril 2024 | 5 46 38 50 56 HOW WILL GEN Z DISRUPT THE FINANCIAL LANDSCAPE? Gen Z’s values and tech fl uency are reshaping fi nance, focusing on sustainability and alternative investments REDEFINING THE ART OF INVESTING HRH Prince Khaled bin Alwaleed bin Talal Al Saud of KBW Ventures reveals new investments in fusion technology and DTC startups, urges more VC funding for sustainability tech CLEAN CRYPTOCURRENCIES The secret to implementing sustainable crypto mining MEET OUR JUDGES Judging panel for inaugural Finance Middle East Awards revealed 38 50 56 46fi nancemiddleeast.com6 | April 2024 PO Box 500024, Dubai, UAE Tel: +971 4 444 3000 Web: www.itp.com Offices in Abu Dhabi, Dubai, London, Mumbai, Riyadh & Geneva ITP MEDIA GROUP CEO: Ali Akawi Managing Director: Alex Reeve EDITORIAL Group Editor:Kate-Lynne Wolmarans Tel: +971 4 444 3541 email: kate.wolmarans@itp.com Editor:Nivetha Dayanand Tel: +971 4 444 3887 email: nivetha.dayanand@itp.com Deputy Editor:Beatriz Valero Tel: +971 4 444 3413 email: beatriz.valero@itp.com Commercial Editor:Angitha Pradeep Tel: +971 4 444 3278 email: angitha.pradeep@itp.com ART Art Director: Amjad Ayche Art Editor: Tofi q Memon Contributing Designer: Muhammed Nahas ADVERTISING Group Commercial Director: Anup Nagpurkar Tel: +971 4 444 3573 email: anup.nagpurkar@itp.com Senior Commercial Manager: Ines Ben Rejeb Tel: +971 4 444 3223 email: ines.benrejeb@itp.com PHOTOGRAPHY Videographer:Muhammad Kaleem Senior Video Editor:Liju Cheruvathur Social Media & Production Manager: Andy Ruedas PRODUCTION Production Manager:Denny Kollannoor Production Coordinator: Manoj Mahadevan Senior Image Editor: Emmalyn Robles DISTRIBUTION Distribution Coordinator: Avinash Pereira Circulation Executive: Rajesh Pillai ITP GROUP CEO: Ali Akawi CFO: Toby Jay Spencer-Davies The publishers regret that they cannot accept liability for error or omissions contained in this publication, however caused. The opinions and views contained in this publication are not necessarily those of the publishers. Readers are advised to seek specialist advice before acting on information contained in this publication which is provided for general use and may not be appropriate for the reader’s particular circumstances. The ownership of trademarks is acknowledged. No part of this publication or any part of the contents thereof may be reproduced, stored in a retrieval system or transmitted in any form without the permission of the publishers in writing. An exemption is hereby granted for extracts used for the purpose of fair review. PUBLISHED BY AND © 2024 ITP MEDIA GROUP FZ-LLC. ýĀċûûûŃ ××¸Ñ āûûŃ ì¡¡×¾ÍÑ ĀûûŃ VÊ{®ÍÑ þ {íÑ [ÍÍ{Ê¡¸¸ĉ¾·ġÑ{·±ÑÑ< R"(V[R!CR!RNEWS fi nancemiddleeast.com8 | April 2024 N EOM has unveiled Treyam, a 250-room luxury resort located above an azure lagoon in the southern end of the Gulf of Aqaba. The bridge-like luxury resort is expected to feature a 450-metre-long rooftop infi nity pool 36 metres above the sea, from which guests will have a panoramic view of the lagoon, the vibrant corals and the Gulf’s waters. The innovative façade of the bridge creates a sunset-like illusion from a distance. Treyam is the latest addition to NEOM, the evolving regional development taking shape in northwest Saudi Arabia. It is set to be located just a short distance away from The Line—a 170-kilometre-long city that is set to eventually house up to nine million people and become the heart of the Kingdom’s NEOM’s $500 billion mega project. NEOM said Treyam is designed for “adventure and endeavour”, boasting a variety of activities including sailing, diving and other water sports, as well as a range of exciting land-based activities. Guests will also enjoy extensive technology- enhanced health and wellness off erings and fi tness amenities, alongside luxury spa treatments and fi ne dining options. The announcement aligns with NEOM’s commitment to conservation NEOM UNVEILS NEW LAGOON RESORT TREYAM Saudi Arabia plans to build the world’s longest infi nity pool 36 metres above the sea and innovation; and follows the recent announcements of sustainable tourism initiatives across the Gulf of Aqaba, such as Leyja, Epicon, Siranna, Utamo, Norlana, Aquellum, Zardun, Xaynor, Elanan and Gidori. NEOM is Saudi Arabia’s flagship business and tourism development. Located on the Red Sea Coast, when completed, the project is set to be home to smart towns, ports, research hubs, sports and entertainment venues and tourism centres. The luxury island of Sindalah is the fi rst development set to be completed, and it is expected to welcome guests before the end of 2024.NEWS fi nancemiddleeast.comApril 2024 | 9 T he Abu Dhabi sovereign investment fund, Mubadala, has made several signifi cant investments in March, as part of its commitment towards supporting the diversifi cation of the emirate’s economy away from oil. The fund partnered with Abu Dhabi’s Artificial Intelligence and Advanced Technology Council (AIATC) and G42 to launch a new technology investment company, focused on artifi cial intelligence (AI). The new company, named MGX, will focus on three BAHRAIN’S MUMTALAKAT ACQUIRES FULL CONTROL OVER MCLAREN GROUP MUBADALA INVESTS IN AI, PHARMACEUTICALS, FINANCE AND MOBILITY FIRMS The fund has a majority stake in McLaren Racing, which owns the McLaren Formula 1 team main areas: AI infrastructure; semiconductors and AI core technologies and applications. In March, Mubadala also acquired Kelix bio, a pharmaceutical business focused on delivering complex generics across emerging markets, and participated in two seed funding rounds. The fund invested in Moove—a global mobility fi ntech that raised $100 million in a Series B round, and Avanse Financial Services, India’s new age technologically-advanced education-focused non-banking fi nancial company. Mubadala also signed a $1 billion partnership with Goldman Sachs to co-invest in private credit opportunities in the Asia-Pacifi c region; and partnered with US-based fund-of-funds venture capital fi rm, Blue Opal Capital. B ahrain’s sovereign wealth fund Mumtalakat has acquired full ownership of luxury automaker McLaren Group. The announcement follows a period of deep fi nancial uncertainty for the British automaker. McLaren was hit heavily by the pandemic, which resulted in reductions in car sales and the cancellation of sporting events. In the fi rst nine months of 2023, the company reported a pre-tax loss of $348.40 million (£276 million). Mumtalakat fi rst invested in McLaren in 2007, when it bought a 30% stake from founding shareholders Ron Dennis and Mansour Ojjeh. Over time, the Bahraini sovereign wealth fund increased that stake to 60%, becoming a majority stakeholder in the business. The deal includes a capital reorganisation in which all preference shares were converted into ordinary shares. The recapitalisation will also introduce a simplifi ed share structure, a streamlined governance process and expansion to new markets, according to Mumtalakat. McLaren hailed the acquisition as a “major milestone”. The fund has participated in several seed funding rounds and signed strategic partnerships in diversifying push Next >